In this paper, which is a continuation of a previous discrete time paper, we develop a theory for continuous time … stochastic control problems which, in various ways, are time inconsistent in the sense that they do not admit a Bellman … points.For a general controlled continuous time Markov process and a fairly general objective functional we derive an …

Using matched data from the Tobacco Use Supplements to the Current Population Surveys and the American Time Use Surveys …, this paper examines how differences in time preference, as measured by smoking status, affect time spent on various non …‐market activities in a day. Even after controlling for a host of variables, the results show that individuals with a higher rate of time …

Using matched data from the Tobacco Use Supplements to the Current Population Surveys and the American Time Use Surveys …, this paper examines how differences in time preference, as measured by smoking status, affect time spent on various … rate of time preference- current smokers - spend more time on nonmarket activities that provide immediate gratification …

Despite recent interest in hyperbolic discounting, there has been little discussion of exactly what property of time …